Ryan FowlerFewer than half of UK employees (48%) receive financial wellbeing support from their employer, according to new research from global payroll and payments specialist CloudPay.
The findings, released to coincide with National Financial Awareness Day on 14th August, highlight the need for finance, HR and payroll leaders to rethink how they help staff manage their finances.
The survey comes as nearly one in two adults expect their financial situation to worsen this year, with CloudPay urging businesses to use new technology and modern pay platforms to empower employees.
Borja Perez, vice president of product management at CloudPay, said: “Employees across the globe are facing a sustained period of tough economic conditions, and with many expecting things to become more difficult, now is the time for employers to take action.
“The transformation we’ve seen in the payroll function thanks to the evolution in AI, automation and API integration means that businesses have more tools at their disposal to support their workforce.”
Perez said employers could offer financial awareness guides, dedicated helpdesks, and more flexibility over paydays through dedicated apps.
“Of course, employers can’t solve every challenge, but they can ensure their staff have access to the right tools that can make a big difference. With financial struggles shown to heighten stress and impact performance at work, it’s not only the morally right thing to do, but also supports improved productivity.
“Equally, organisations that don’t offer support could be impacted by heightened attrition and will see collective workforce morale fall.”
He added that the way support is delivered is critical, stressing the need for transparent solutions focused on user experience.
“This type of support boosts motivation levels and improves resilience. Consequently, we urge more companies to consider solutions such as ‘pay-on-demand’ and financial calculators which can support their workforces with financial wellbeing.”
